Regulation 32 Monitoring Agency Report

August 13, 2026 BSE Ltd P J Towers, Dalal Street Mumbai – 400001 Symbol: GLEN, ISIN: INE0UMC01019, Series – EQ Subject: Submission of Statement of Deviation or Variation for proceeds of public issue pursuant to Regulation 32 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 for the Quarter ended on 30th June, 2026. Dear Sir/Madam, With reference to the captioned subject, please find enclosed the Monitoring Agency Report issued by Infomerics Valuation and Rating Limited in respect of utilization of proceeds of the Public Issue for the Quarter ended on 30th June, 2026. The aforesaid report confirms that there were no deviations or variations in the utilization of proceeds from the Public Issue during the aforesaid period. We request you to kindly take the aforesaid information on record. Thanking you, For Glen Industries Limited Shikha Sureka Company Secretary and Compliance Officer Encl: as stated above Monitoring Agency Report for Glen Industries Limited for the quarter ended June 30, 2026 Monitoring Agency Report August 12, 2026 Glen Industries Limited Rajveena, 2nd Floor, 50A, Block-C, New Alipore, Kolkata, West Bengal, India, 700053 Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of Glen Industries Limited (“The Company”) We write in our capacity of Monitoring Agency for the Public issue of equity shares for the amount aggregating to Rs.62.94 crore of the Company and refer to our duties cast under regulation 262 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations). In this connection, we are enclosing the Monitoring Agency Report for the quarter ended June 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated July 25, 2025. Request you to kindly take the same on records. Thanking you, For and on behalf of Infomerics Valuation and Rating Limited Avik Podder (Sr. Director - Ratings) apodder@infomerics.com Report of the Monitoring Agency Name of the Issuer: Glen Industries Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Infomerics Valuation and Rating Limited (a) Deviation from the objects: Nil (b) Range of Deviation: Nil Indicate range of percentage deviation from the amount of issue proceeds earmarked for objects. For example, up to 10%, 10 – 25%, 25-50%, 50-75%, 75-100%, not ascertainable etc. * Range of Deviation may be computed by taking weighted average of financial deviation of each object in the ratio of issue proceeds allocated for it. Non-financial deviation may be indicated separately by way of notes. Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit-related analyses. We declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer. We further declare that this report provides true and fair view of the utilization of issue proceeds. Signature: Name of the Authorized Person/Signing Authority: Avik Podder Designation of Authorized person/Signing Authority: Sr. Director - Ratings Seal of the Monitoring Agency: Date: August 12, 2026 1) Issuer Details: Name of the issuer: Glen Industries Limited Names of the promoters of the issuer: MR. LALIT AGRAWAL, MR. NIKHIL AGRAWAL MRS. NIYATI SEKSARIA Industry/sector to which it belongs: The Company is engaged in the manufacturing of diverse range of Food packaging and Service Products. 2) Issue Details: Issue Period: July 08, 2025 – July 10, 2025 Type of issue (public/rights): Initial Public Offering Type of specified securities: Equity shares Grading: Not Applicable Issue size (Rs in Crores): Fresh Issuance of Rs. 62.94 crores (Note No. 1) Note 1 Particulars Amount as per the Prospectus (Rs. In Crores) Total proceeds received from IPO 62.94 Less: Details of expenses incurred related to IPO issue 6.35 Net Proceeds available for utilisation 56.59* *Infomerics Ratings shall be monitoring the Net proceeds. The company had offered 63,43,200 Equity Shares under the fresh issue, at Rs. 97.00 per share and 1,53,600 share to eligible employees at Rs. 92.00 per Share aggregating to Rs. 62.94 crore. The issue was fully Subscribed, and the company has allotted same number of Equity Shares to the applicants. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Particulars Reply Source of information / Comments of Comments of Board of certifications considered Monitoring Directors by Monitoring Agency Agency for preparation of report Whether all the utilization is as per No Chartered Accountant As per Note 1 & 2 No comments disclosure in Offer certificate^, Prospectus, below Document? Bank Statements, Management Certificate Whether Shareholder approval is obtained Not applicable Not applicable Not applicable No Comments Required in case of material deviations from expenditures disclosed in Offer Document? Whether means of finance for disclosed Yes Not applicable As per Note 1 & 2 No Comments Required objects of the Issue has changed? below Any major deviation observed over the Not applicable Nil No No Comments Required earlier monitoring agency reports? Whether all Government / Statutory Yes Listing approval from No Comments No Comments Required approvals related to the object(s) BSE obtained? Whether all arrangements pertaining to Not Applicable Not applicable Not Applicable No Comments Required technical assistance/collaboration in operation? Any favourable events improving There are no events affecting the viability Not applicable Nil No Comments Required object(s) viability of these objects. Any unfavourable events affecting There are no events affecting the viability Not applicable Nil No Comments Required object(s) viability of these objects. Any other relevant information that may Nil Not applicable Nil No Comments Required materially affect the decision making of the investors The above details are verified by Vivek Jaiswal & Co. Chartered Accountants statutory auditor of the company (FRN: 323094E) vide its CA certificate dated May 06, 2026. Note 1: Please note that, the net proceeds of the issue are Rs.56.59 crore out of which Rs. 33.74 crore was spent till quarter ending March 31, 2026, and Rs.10.26 crore was spent in quarter ending June 30, 2026. The company has transferred the issue proceeds from public account to monitoring account (Maintained with HDFC Bank) which were then partly transferred to Fixed Deposits. The company then opened two Overdraft facility respectively from HDFC Bank and ICICI Bank against security of the said Fixed Deposit [Showing first 8,000 characters — download PDF for full document]